If you are considering estate planning to take care of your assets and divide them properly between your loved ones, experienced family lawyers will tell you to write down the information they need before you make an appointment with them. In this way they will have all the information to hand and can get on with the job, saving you both time and money.
So to that end, here is a list of steps you need to take to ensure you have everything covered.
- Physical assets – these are house, car or any other vehicle you may own and any other asset worth over $100. This can include electronic devices, home theatre, camera, artwork, jewellery, ornaments and expensive even clothing such as a fur coat or wedding dress.
- Non-physical assets – these will include bank accounts and investments of all kinds. Include the names of the banks and account details as well as the companies you have shares with. It will also include such things as life insurance, other forms of insurance, annuities, pensions and superannuation. Make sure these are all updated with the nominated beneficiaries information still being current.
- Liabilities – all the debt you owe should also be listed. This includes home loans, business debts, car loans and the balances on your credit cards, if any. You need to think about how you want such debts to be paid off in the event of your death. Add up your total debts so you can work out whether the sale of a specific asset would be enough to pay it all.